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USD/JPY: Headed Back To The Highs

Sameer Kapoor 4 April 2013

The USD/JPY broke sharply higher, which was expected from a technical perspective. Price accelerated strongly after break out of the corrective channel (circled zone). We can see that price made a very strong move to the upside in a very short period of time; clearly the personalty of an impulse so we think its wave (iii), part of a new five wave rally. Resistance for this wave (iii) comes in around 95.60-96.15 zone, from where we could see a fourth wave retracement back to 94.60 area. It seems that the USD/JPY pair is headed back to the highs.

Forex Analysis by Gregor Horvat at ForexPros. com